314 Elk Avenue, Crested Butte, CO 81224

Own a piece of Crested Butte history! 314 Elk offers the buyer a prime commercial location, a historically significant building and a successful turnkey retail business enjoyed by all ages for generations to come. PRIME LOCATION – 314 Elk is situated in the heart of the Town's "B-1" business district. This core commercial zone and the surrounding residential neighborhoods were designated on the National Register of Historic Places in 1974, which has protected the Town’s mining heritage and architectural charm. As a result, these 3-4 blocks of Elk Avenue have become the epicenter of commercial activity in the North Valley with an eclectic mix of shops, restaurants and bars. HISTORIC BUILDING – 314 Elk was constructed in 1900 and consists of 1,506 square feet in one story on a parcel 24.5 feet wide and 120 feet deep. The building reflects Crested Butte’s historic commercial construction: rectangular frame design, false front with bracketed cornice, drop siding, large display windows, double panel glazed doors, transoms and kickplates. The Property’s historic significance is enhanced by the variety of uses over time. Most notably, the Property served as the Town post office from 1925 to 1964. In addition, 314 Elk was the address of a hotel, a mortuary, a furniture store, a roller rink, a movie theater, a photography/book shop and now a chocolate confectionery. Finally, the property includes 6 parking spaces accessed off the alley. TURNKEY BUSINESS – 314 Elk is home to longtime Crested Butte favorite, the Rocky Mountain Chocolate Factory. Since 1995, the store is independently operated through a lease with a franchisee of the Durango-based Rocky Mountain Chocolate Factory, Inc (RMCF). RMCF supports 152 franchised locations (plus 2 owned stores) and was ranked in the Franchise 500 by Entrepreneur Magazine for 2024. RMCF was founded in 1981, began franchising in 1990 and went public in 1996 trading on the Nasdaq. RMCF generates approximately $30 million in annual sales and has a $20 million market capitalization. THE OFFERING – 314 Elk is offered for $2.65M with a lease in place to the franchisee/operator.

NOTE ON CAP RATE

Currently, the seller is both landlord and tenant and is not intending to continue its tenancy after closing. Under prevailing market (NNN) lease rates, a new owner can expect cap-rate performance in the 3 +/- range with strong potential for capital appreciation given the short supply of prime locations on Elk Avenue.